SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-QSB
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For quarterly period ended September 30, 2003
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ___________ to ___________ .
Commission file number: 001-15777
Unitrend, Inc.
(Exact name of registrant as specified in its charter)
Nevada 34-1904923
(State or other jurisdiction (I.R.S. employer
of incorporation or organization) identification number)
4665 West Bancroft St.
Toledo, Ohio 43615
(Address of principal executive offices, including zip code)
(419) 536-2090
(Registrant's telephone number, including area code)
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months(or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days. YES [X] NO [ ]
Number of shares of registrant's common stock outstanding
as of September 30, 2003: 70,371,770
UNITREND, INC.
FORM 10-QSB
QUARTER ENDED SEPTEMBER 30, 2003
Table of Contents
PART I FINANCIAL INFORMATION Page
Item 1. Condensed Financial Statements
Condensed Balance Sheets at September 30, 2003 and December 31,
2002............................................................ 3
Condensed Statements of Operations for the three and nine months
ended September 30, 2003, 2002 and for the period from September
27, 1994 (date of inception) to September 30, 2003.............. 4
Condensed Statements of Cash Flows for the nine months ended
September 30, 2003, 2002 and for the period from September 27,
1994 (date of inception) to September 30, 2003.................. 5
Statements of Stockholders' Equity for the nine months ended
September 30, 2003 and for the years ended December 31, 2002,
2001, and 2000.................................................. 6
Notes to Condensed Financial Statements......................... 7-8
Item 2. Management's Discussion and Analysis of Financial Condition and
Results of Operations.......................................... 8-10
PART II OTHER INFORMATION
Item 1. Legal Proceedings............................................... 10
Item 2. Changes In Securities And Use Of Proceeds....................... 11
Item 3. Defaults Upon Senior Securities................................. 11
Item 4. Submission Of Matters To A Vote Of Security Holders............. 11
Item 5. Other Information............................................... 11
Item 6. Exhibit......................................................... 11
Signatures...................................................... 11
This quarterly report on Form 10-QSB is for the three and nine months ended
September 30, 2003. This quarterly report modifies and supersedes documents
filed prior to this quarterly report. The Securities and Exchange Commission
(SEC) allows us to "incorporate by reference" information that we file with
them, which means that we can disclose important information to you by
referring you directly to those documents. Information incorporated by
reference is considered to be part of this quarterly report. In addition,
information that we file with the SEC in the future will automatically update
and supersede information contained in this quarterly report. In this quarterly
report, "Unitrend," "we," "us" and "our" refer to Unitrend, Inc.
You should carefully review the information contained in this quarterly report
and in other reports or documents that we file from time to time with the SEC.
In this quarterly report, we state our beliefs of future events and of our
future financial performance. In some cases, you can identify those so-called
"forward-looking statements" by words such as "may," "will," "should," "expects"
"plans," "anticipates," "believes," "estimates," "predicts," "potential," or
"continue" or the negative of those words and other comparable words. You should
be aware that those statements are only our predictions. Actual events or
results may differ materially. In evaluating those statements, you should
specifically consider various factors, including the risks outlined below.
Those factors may cause our actual results to differ materially from any of our
forward-looking statements.
Part I. Financial Information
Item I. Condensed Financial Statements
UNITREND, INC.
(A Development Stage Company)
BALANCE SHEETS
ASSETS
(unaudited) (unaudited)
September 30, 2003 2002
---------------- ----------------
CURRENT ASSETS
Cash $ 646 $ 52
---------------- ----------------
PROPERTY AND EQUIPMENT, at cost
Land 67,485 67,485
Building and improvements 351,168 351,168
Furniture and fixtures 65,266 65,266
Computer equipment 151,055 151,055
Computer software 46,719 46,719
Automobiles 15,937 15,937
Tooling and dies under construction 1,500,985 1,469,429
---------------- ----------------
2,198,616 2,167,059
Less accumulated depreciation (289,177) (273,925)
---------------- ----------------
Net property and equipment 1,909,439 1,893,134
---------------- ----------------
OTHER ASSETS
Patent licensing costs,
net of accumulated amortization 23,356 24,942
Loan costs, net of accumulated amortization - 545
---------------- ----------------
Total other assets 23,356 25,487
---------------- ----------------
TOTAL ASSETS $ 1,933,441 $ 1,918,673
================ ================
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITES
Accounts payable $ 646,260 $ 624,954
Current portion of note payable 190,163 211,313
Accrued expenses 1,408,728 1,314,288
---------------- ----------------
Total current liabilities 2,245,152 2,150,555
---------------- ----------------
NOTES PAYABLE - RELATED PARTIES 297,723 99,145
---------------- ----------------
STOCKHOLDERS' EQUITY
Common stock, no par value 3,795,598 3,795,598
Additional paid-in capital 8,023,695 8,023,695
Deficit accumulated in the development stage
(12,428,727) (12,150,321)
---------------- ----------------
Total stockholders' equity (609,434) (331,028)
---------------- ----------------
TOTAL LIABILITIES AND STOCKHOLDERS'
EQUITY $ 1,933,441 $ 1,918,673
================ ================
UNITREND, INC.
(A Development Stage Company)
STATEMENTS OF OPERATIONS
(unaudited)
(unaudited) (unaudited) (unaudited) (unaudited) September 27, 1994
Three Months Ended Three Months Ended Nine Months Ended Nine Months Ended (Date of Inception)
Sept 30, 2003 Sept 30, 2002 Sept 30, 2003 Sept 30, 2002 to Sept 30, 2003
---------------- ---------------- ---------------- ---------------- ----------------
Sales $ - $ - $ - $ - $ 603
Research and development
expenses (12,258) - (36,258) - (566,201)
Selling, general and
administrative expenses (83,540) (50,800) (213,208) (151,905) (11,526,477)
---------------- ---------------- ---------------- ---------------- ----------------
Operating loss (95,798) (50,800) (249,466) (151,905) (12,092,075)
Interest income - - - - 1,546
Interest expense (10,278) (7,593) (28,940) (18,360) (314,230)
---------------- ---------------- ---------------- ---------------- ----------------
Net loss before cumulative
effect of change in
accounting principle (106,076) (58,393) (278,406) (170,265) (12,404,759)
Cumulative effect of
change in accounting
principle - - - - (23,968)
---------------- ---------------- ---------------- ---------------- ----------------
Net loss $ (106,076) $ (58,393) $ (278,406) $ (170,265) $ (12,428,727)
================ ================ ================ ================ ================
Basic and diluted loss
per share:
Before cumulative effect
of change in accounting
principle $ (0.00) $ (0.00) $ (0.00) $ (0.00) $ (0.18)
Cumulative effect of change
in accounting principle - - - - -
---------------- ---------------- ---------------- ---------------- ----------------
Net loss $ (0.00) $ (0.00) $ (0.00) $ (0.00) $ (0.18)
================ ================ ================ ================ ================
Weighted average shares
outstanding used to compute
basic and diluted loss per
share 70,371,770 70,371,770 70,371,770 70,333,396 67,926,782
================ ================ ================ ================ ================
UNITREND, INC.
(A Development Stage Company)
STATEMENT OF CASH FLOWS
(unaudited)
(unaudited) (unaudited) September 27, 1994
Nine Months Ended Nine Months Ended (Date Of Inception)
Sept 30, 2003 Sept 30, 2002 to Sept 30, 2003
---------------- ---------------- ----------------
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss $ (278,406) $ (170,265) $ (12,428,727)
---------------- ---------------- ----------------
Adjustments to reconcile net loss to
net cash used in operating activities:
Change in accounting principle - - 23,968
Options issued for services - - 5,326,989
Depreciation & amortization 17,383 21,618 328,764
Loss on disposal of property
and equipment - - 12,893
Bad debt - - 42,157
Accrued interest income - - (3,091)
Common stock issued for services - - 10,000
Increase in operating liabilities:
Accounts payable 21,306 80,747 646,260
Accrued expenses 94,440 7,437 1,478,670
---------------- ---------------- ----------------
Total adjustments 133,129 109,802 7,866,610
---------------- ---------------- ----------------
Net cash used in operating activities (145,277) (60,463) (4,562,117)
---------------- ---------------- ----------------
CASH FLOWS FROM INVESTING ACTIVITIES
Payment for patent licensing costs - - (31,723)
Purchase of property and equipment (31,556) - (2,242,020)
Proceeds from sale of property and
equipment - - 10,941
Loans to related parties - - (18,191)
Loans to other entities - - (23,916)
Repayment from employee - - 3,041
Payment of organizational cost - - (30,168)
---------------- ---------------- ----------------
Net cash provided by (used in )
investing activities (31,556) - (2,332,036)
---------------- ---------------- ----------------
CASH FLOWS FROM FINANCING ACTIVITIES
Payment of loan costs - - (5,448)
Loans from stockholder 198,577 71,538 2,957,671
Proceeds from note payable - - 290,000
Payment on note payable (21,150) (11,277) (99,837)
Proceeds from sale of common stock
and exercise of stock options - - 2,619,563
Payments for stock recissions - - (134,170)
Sale of stock subject to recission
for cash - - 1,267,020
---------------- ---------------- ----------------
Net cash provided by financing
activities 177,427 60,261 6,894,799
---------------- ---------------- ----------------
Net increase (decrease) in cash 594 (202) 646
Cash - beginning of period 52 235 -
---------------- ---------------- ----------------
Cash - end of period $ 646 $ 33 $ 646
================ ================ ================
SUPPLEMENTAL DISCLOSURE OF CASH
FLOW INFORMATION:
Cash paid during the period
Interest $ 16,975 $ 10,922 $ 158,790
SUPPLEMENTAL DISCLOSURE OF NONCASH FINANCING ACTIVITIES:
The President/Majority Stockholder exercised 476,190 options to purchase stock,
during the period ended March 31, 2002, at a price of $0.50 per share by
forgiving debt of $238,095.
UNITREND, INC.
(A Development Stage Company)
STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT)
For the Nine Months Ended September 30, 2003
And For the Years Ended December 31, 2002, 2001 and 2000
(unaudited)
Deficit
Accumulated
Common Stock Additional During the
---------------- Paid-in Development
Shares Amount Capital Stage Total
---------- ---------- ---------- ------------- ----------
BALANCE -
DECEMBER 31, 2000 69,895,580 3,557,503 8,023,695 (10,667,395) 913,803
Net loss - 2001 - - - (431,989) (431,989)
---------- ---------- ---------- ------------- -----------
BALANCE -
DECEMBER 31, 2001 69,895,580 3,557,503 8,023,695 (11,099,384) 481,814
Majority stockholder
exercised options
at $0.50 per share
on January 22, 2002 476,190 238,095 - - 238,095
Net loss - 2002 - - - (111,872) (111,872)
---------- ---------- ---------- ------------- -----------
BALANCE -
DECEMBER 31, 2002 70,371,770 3,795,598 8,023,695 (12,150,321) (331,028)
Net loss for the
period ended
September 30, 2003 - - - (278,406) (278,406)
---------- ---------- ---------- ------------- -----------
BALANCE -
SEPTEMBER 30, 2003 70,371,770 $3,795,598 $8,023,695 $(12,428,727) $ (609,434)
========== ========== ========== ============= ===========
UNITREND, INC.
FORM 10-QSB
QUARTER ENDED SEPTEMBER 30, 2003
NOTES TO CONDENSED FINANCIAL STATEMENTS (unaudited)
BASIS OF PRESENTATION
The condensed financial statements included herein have been prepared by the
Company, without audit, pursuant to the rules and regulations of the Securities
and Exchange Commission. Certain information and footnote disclosures normally
included in financial statements prepared in accordance with generally accepted
accounting principles have been condensed or omitted pursuant to such rules and
regulations. However, the Company believes that the disclosures are adequate to
make the information presented not misleading.
The unaudited condensed financial statements included herein reflect all
adjustments (which include only normal, recurring adjustments) that are, in the
opinion of management, necessary to state fairly the results for the three and
nine month periods ended September 30, 2003. The results for the three and nine
month periods ended September 30, 2003 are not necessarily indicative of the
results expected for the full fiscal year.
NATURE AND SCOPE OF BUSINESS
Unitrend, Inc. (the Company) a Nevada corporation as of January, 1999, formerly
an Ohio corporation, is a development stage company formed to produce computer
enclosures, power supplies and related products for a national market. The
Company was incorporated on April 11, 1996 as Versa Case, Inc. On May 15, 1996,
the Company changed its name to Unitrend, Inc. The Company's operations to date
have consisted primarily of incidental sales of computer components while the
company personnel have concentrated on the development of its products. To date,
the Company has been issued seven United States patents with three patent
applications pending. The VersaCase patent alone was valued at $9,478,000 by
Robinwood Consulting, an independent firm experienced in the valuation of
intellectual property. Generally accepted accounting principles do not allow
us to record this valuation on the balance sheets, we can only account for the
direct costs involved in obtaining a patent. We also have six registered
trademarks and service marks. As of September 30, 2003, expenses incurred have
been primarily for administrative support, tooling and product development of
the enclosures, power supplies and wire management systems that will ultimately
be sold, which has resulted in an accumulated deficit in the development stage
of approximately $12,429,000.
On April 16, 1998, the Company formed Osborne Manufacturing, Inc. (OMI) to
produce the Company's products. In 2002, OMI was dissolved because management
determined that it could save time and money by entering into a contract with
New Product Innovations, Inc. (NPI) to provide turnkey manufacturing of its
product line. NPI is a joint venture between General Electric (GE) and Fitch,
Inc. NPI along with Fitch will complete product development, obtain agency
approvals, engage in product positioning and manufacturing development.
The Company merged with Server Systems Technology, Inc. (SSTI) effective
December 15, 1998. SSTI was the predecessor to the Company and was formed
September 27, 1994. It owns several patents that are key to the Company's
products, but otherwise has ceased its development stage operations when the
Company was formed in April, 1996. SSTI is a related party to the Company since
the two entities have common stockholders.
USE OF ESTIMATES
The preparation of financial statements in conformity with generally accepted
accounting principles require management to make estimates and assumptions
that affect the reported amounts of assets and liabilities, disclosure of
contingent assets and liabilities at the date of the financial statements and
the reported amounts of revenues and expenses during the reporting periods.
Actual results could differ from these estimates.
RELATED PARTY PAYABLE
There were unsecured notes payable to the President/majority stockholder, which
accrue interest at prime on the first business day of the year, payable in ten
equal installments after the Company is profitable for one year. As of
September 30, 2003 and December 31, 2002, the outstanding balances of the notes
payable to the President/majority stockholder were $297,723 and $99,145,
respectively. On March 31, 2000, our President/majority stockholder forgave
loans to the Company of $2,171,854 and accrued interest of $69,942. The
forgiveness was accounted for as an addition to contributed capital.
NEW ACCOUNTING PRONOUNCEMENT
None
Item 2. Management's Discussion and Analysis of Financial Condition and
Results of Operations
RESULTS OF OPERATIONS - THIRD QUARTER OF 2003 COMPARED TO THIRD QUARTER OF 2002
The Company did not have revenues during the quarter ended September 30, 2003 or
during the quarter ended September 30, 2002. In the fourth quarter 2003, we
have begun to produce and sell the Cablety wire management system and anticipate
not being classified as a development stage enterprise.
We had an operating loss of $95,798 during the quarter ended September 30, 2003
as compared to an operating loss of $50,800 during the quarter ended
September 30, 2002, an increase of 89%. As discussed below, the operating loss
grew due to increases in research and development expenses and selling, general
and administrative expenses.
The Company had $12,258 in research and development expenses during the three
months ended September 30, 2003 as compared to zero for the three months ended
September 30, 2002. We believe that research and development expenses will
increase as we go forward due to a contract entered into with NPI to provide
turnkey manufacturing of our product line. NPI along with Fitch, Inc. will
complete product development, obtain agency approvals, engage in product
positioning and manufacturing development. We anticipate this spending to
continue to increase as we produce the Cablety, our first product that has now
been made available to the market in the fourth quarter of 2003 and for the
final product development and production of the Stable power supply and
VersaCase.
There was an increase of $31,556 spent on tooling in the three months ended
September 30, 2003 as compared to zero spent in the three months ended September
30, 2002. The increase is due to the launch of the primary tool used for the
production of the Cablety wire management system. We anticipate that there will
be an increase in tooling costs as we move forward with the production phase of
our products.
Selling, general and administrative expenses increased to $83,540 during the
quarter ended September 30, 2003 as compared to $50,800 for the quarter ended
September 30, 2002, an increase of 64%. This change was due primarily to an
increase in payroll expense and professional fees of approximately $45,500 and
$12,800 incurred during the quarter ended September 30, 2003 as compared to the
quarter ended September 30, 2002. The Company did not incur any other
significant increases during the quarter ended September 30, 2003 as compared to
the quarter ended September 30, 2002. The Company experienced decreases in
consulting expense and telephone expense that were approximately $25,000 and
$880, respectively as the Company continued its efforts to cut costs to decrease
the Company's need for cash.
During the quarters ended September 30, 2003 and September 30, 2002 there were
no stock options granted under our 1999 Stock Option Plan.
RESULTS OF OPERATIONS FIRST NINE MONTHS OF 2003 COMPARED TO FIRST NINE MONTHS OF
2002
The Company did not have revenues during the nine months ended September 30,
2003 or during the nine months ended September 30, 2002. In the fourth quarter
2003, we have begun to produce and sell the Cablety wire management system and
anticipate not being classified as a development stage enterprise.
We had an operating loss of $249,466 during the nine months ended September 30,
2003 as compared to an operating loss of $151,905 during the nine months ended
September 30, 2002, an increase of 64%. As discussed below, this operating loss
increased due to increases in research and development expenses and selling,
general and administrative expenses.
The Company had $36,258 in research and development expenses during the nine
months ended September 30, 2003 as compared to zero for the nine months ended
September 30, 2002. We believe that research and development expenses will
increase as we go forward due to the contract entered into with NPI to provide
turnkey manufacturing of our product line. NPI along with Fitch, Inc. will
complete product development, obtain agency approvals, engage in product
positioning and manufacturing development. We anticipate this spending to
continue to increase as we produce the Cablety, our first product that has now
been made available to the market in the fourth quarter of 2003 and for the
final product development and production of the Stable power supply and
VersaCase.
There was an increase of $31,556 spent on tooling in the nine months ended
September 30, 2003 as compared to zero spent in the nine months ended September
30, 2002. The increase is due to the launch of the primary tool used for the
production of the Cablety wire management system. We anticipate that there will
be an increase in tooling costs as we move forward with the production phase of
our products.
Selling, general and administrative expenses increased to $213,208 during the
nine months ended September 30, 2003 as compared to $151,905 during the nine
months ended September 30, 2002, an increase of 40%. This change was due
primarily to an increase in payroll expense of approximately $130,400 during
the nine months ended September 30, 2003 as compared to the same time period in
2002. The Company did not incur any other significant increases during the nine
months ended September 30, 2003 as compared to the nine months ended September
30, 2002. Significant decreases in consulting expense, insurance expense,
telephone expense and contract labor were approximately $40,000, $4,900, $3,400
and $2,200, respectively as the Company continued its efforts to cut costs to
decrease the Company's need for cash.
There were no stock options granted to non-employees during the nine months
ended September 30, 2003 or during the nine months ended September 30, 2002
under our 1999 Stock Option Plan.
LIQUIDITY AND CAPITAL RESOURCES
The Company has financed its operations since inception primarily through public
and private sales of equity securities, as well as through loans from its
President/majority stockholder, Conrad A.H. Jelinger. As of September 30, 2003,
the Company's cash totaled $646. Loans from the Mr. Jelinger during the nine
months ended September 30, 2003 totaled $198,577. Accounts payable increased to
$646,260 for the nine months ended September 30, 2003 compared to $624,954 at
year end December 31, 2002.
Primary uses of cash for the nine months ended September 30, 2003 included
$145,277 for the Company's operations and working capital requirements. For the
nine months ended September 30, 2003, primary uses of cash for the Company's
investing requirements totaled $31,556 due to the purchase of the tool used in
the production of the Cablety wire management system.
Our future capital requirements will depend upon numerous factors, including the
amount of revenues generated from operations, the cost of our sales and
marketing activities and the progress of our research and development
activities, none of which can be predicted with certainty. In December, 2000,
the company filed an SB-2 registration statement with the Securities and
Exchange Commission to register 4,000,000 shares of common stock, at $10.00 per
share in a "Best Efforts" offering. The filing was declared effective on
December 28, 2000. The purpose of the offering was to raise sufficient funds to
enable the company to commence manufacturing of its products. Ultimately,
the company did not receive sufficient subscriptions to enable to commence
manufacturing operations and the offering terminated with all funds returned to
subscribers. Currently, the company plans to raise sufficient funds through the
advancement of monies by its founder. While funds advanced and raised from the
founder may enable the company to continue product development and commence
out-source manufacturing, we cannot be certain that the founder will continue to
fund our capital needs. Consequently, the Company may seek investments from
outside sources during the next 24 months. There can be no assurance that any
additional financing will be available on acceptable terms, if required.
Moreover, if additional financing is not available, we could be required to
reduce or suspend our operations, seek an acquisition partner or sell securities
on terms that may be highly dilutive or otherwise disadvantageous to existing
investors, or investors purchasing stock offered in the anticipated secondary
offering. In the event that neither of the capital-raising mechanisms described
above result in timely usable proceeds to the Company, we may have a serious
shortfall of working capital. We have experienced in the past, and may continue
to experience, operational difficulties and delays in product development due to
working capital constraints. Any such difficulties or delays could have a
material adverse effect on our business, financial condition and results of
operations.
OUTLOOK
The outlook section contains a number of forward-looking statements, all of
which are based on current expectations. Actual results may differ materially.
Our growth strategy is built around five imperatives: maintaining technology
leadership; increasing market share; acquiring other business entities;
leveraging strategic relationships; and the recruiting and retaining of key
personnel.
MAINTAINING TECHNOLOGY LEADERSHIP. The cutting edge of our effort to achieve
technological leadership is to establish a standard for open architecture and
modularity in the computer enclosure industry. Other components, accessories,
and products are in various stages of development. They will be supported by
an aggressive research and development budget.
INCREASING MARKET SHARE. Our entry into the market is estimated at a modest
level to allow us to grow at a reasonable pace. However, we make no
representations or guarantees that we will be able to manage the growth of our
business. Once VersaCase is introduced, we expect that there will be significant
interest across a number of market segments. The VersaCase is unparalleled in
its versatile application as a PC or server enclosure. The ease of access and
scalability will provide numerous benefits to routine and mission-critical users
that will propel and increase market share.
ACQUIRING OTHER BUSINESS ENTITIES. In order to expand our technological and
market capabilities, we may consider the pursuit of other companies. Such
acquisitions may include core and non-core entities. A core entity may be a
research and development group, and a non-core firm could be one that might
enhance our production process.
LEVERAGING STRATEGIC RELATIONSHIPS. We intend to leverage our relationship
with companies that complement our mission. For instance, the uniqueness of
VersaCase technology will create opportunities for us to establish strong
relationships with key distributors. These distributors will be able to offer
their clients a product that is very competitive and distinctive. We have been
approached by distributors to consider a channel relationship or exclusive
position with them. While we must maintain a broader market focus, we may
selectively enter into agreements that would enhance market credibility and
penetration.
RECRUITING AND RETAINING OF KEY PERSONNEL. An entrepreneurial spirit that was
based in creativity, risk and reward drove the birth of this company. We intend
to maintain this quality by offering competitive salary and incentive
compensation. Our overriding human resources philosophy is to build a corporate
culture that supports the success of each employee, as well as the company.
Part II. Other Information
Item 1. Legal Proceedings
None
Item 2. Changes In Securities And Use Of Proceeds
None
Item 3. Defaults Upon Senior Securities
None
Item 4. Submission Of Matters To A Vote Of Security Holders
Not Applicable
Item 5. Other Information
None
Item 6. Exhibits and Reports on Form 8-K
(a) List of Exhibits
99. Additional Exhibits
Exhibit 99.1 Certification Under Section 906 of Sarbanes-Oxley Act
of 2002
(b) Reports on form 8-K
None
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, Unitrend,
Inc. has duly caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized.
UNITREND, INC.
Dated: November 10, 2003 By: /S/ CONRAD A.H. JELINGER
_________________________
Conrad A.H. Jelinger
Chief Executive Officer,
Interim Chief Financial Officer
and President